Key Points:
Bitcoin hits a multi-week low again, this time filling the July gap in the CME Bitcoin futures market.
Traders have mixed views on the future price movement of BTC.
U.S. trade tariffs seem to have a greater impact on Bitcoin and cryptocurrencies than on U.S. stocks.
Bitcoin (BTC) reached a three-week low on Friday as U.S. trade tariffs weighed on market sentiment.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD rebounded after dropping to $114,322 on Bitstamp.
In the process, the currency pair completely filled the "gap" left in the CME Group Bitcoin futures market since July.
As Cointelegraph continues to report, prices often "fill" these gaps, which usually occur over the weekend, within weeks, days, or even hours after the market reopens.
$BTC CME gap filled to the dollar. Bounce time? https://t.co/yojdjBcJvq pic.twitter.com/bhHy4NcFOZ
Crypto investor and entrepreneur Ted Pillows predicted on X: "We are now looking forward to a nice rebound."
Some market participants remain cautious. They believe Bitcoin needs to show stronger strength to avoid the risk of further declines.
Trader Cipher X stated on X: "Now that the gap has been touched, we need to keep a close eye." He pointed out that if it cannot recover to $116,000, $104,000 may become a downward target.
Trader Crypto Candy mentioned that the price needs to close above the $115,000-$116,700 range on Friday's daily close.
He warned: "If it fails to stabilize, it may first dip to the $111,800 area before potentially challenging the all-time high."
During the Trump administration's implementation of comprehensive reciprocal tariffs, Bitcoin's decline exceeded that of risk assets.
In contrast, as of the time of writing, S&P 500 futures were down only 0.4%, showing mild performance before the Wall Street open.
The trading information platform The Kobeissi Letter noted that the market has gradually adapted to the uncertainty of the trade war since April, showing more composure.
"The market believes the trade war has completely lost its influence," it summarized, stating that if tariffs had been implemented four months ago, the S&P's decline could have reached 3%.
Nevertheless, stocks still experienced significant volatility alongside Bitcoin, with the S&P reaching an all-time high the previous day due to better-than-expected earnings from tech companies.
Meanwhile, the U.S. Personal Consumption Expenditures (PCE) index—the Fed's preferred inflation gauge—remains above market expectations.
Earlier this week, Fed Chair Powell sent hawkish signals but kept interest rates unchanged. This led the market to no longer expect rate cuts in 2025, putting pressure on risk assets.
Related: Report: The number of cryptocurrency class action lawsuits may double by 2025
Original: “Bitcoin (BTC) precisely fills the July CME gap, with a downward target pointing to $104,000”
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